Why did Shiba Inu coin increase in price by 25%? Crypto Game, Fuel of Fusion Ethereum $SHIB
The cold crypto winter may finally be over for at least one dog-themed coin.
The price of the Shiba Inu coin, which is trading at $SHIB, is up 25% in the last 24 hours, helping it overtake Avalanche to become the 12th most valuable coin in the world with a market cap of $9 billion. The Shiba Inu coin is also the top gainer on CoinMarketCap on Monday as of 2pm in Hong Kong.
Shiba Inu’s sudden rise contrasts with its months-long decline, reflecting a broader downturn in the crypto market. Even with the recent surge, the Shiba Inu is currently trading at $0.00001630 per coin, down 81% from its all-time high last October and down 50%. from this year’s peak in March.
Buzz about a new game centered around Shiba Inu is one reason the coin is up. In recent days, Shibarmy, people who describe themselves as Shiba Inu, have revealed early details about a new online game they are developing called Shiba Eternity. Shibarmy’s main influencer, Shytoshi Kusama, announced the new game earlier this month, and over the weekend, users in Vietnam posted a video of themselves playing the game after the developer released it in beta at Vietnam. The game appears to be an online card based fighting game, similar to blockchain games like Axie Infinitybut the game will be released on mobile devices before finally on blockchain, according to Kusama.
Some analysts suggest that Shiba’s rise may have more to do with crypto giant Ethereum, which provides the underlying blockchain for Shiba Inu and related coins like Bone and Leash. Ethereum developers recently announced that a long-awaited upgrade to its blockchain could arrive as early as mid-September after passing. major technical test. Ethereum price jumped 1.6% on Monday, while Dogecoin, another dog-related meme on Ethereum’s blockchain, gained 2.5% on Monday.
“Dogecoin and Shiba Inu both broke out over the weekend, clear proof that retail investors are back,” Hayden Hughes, CEO of social trading platform Alpha Impact, wrote in a note. note on monday.
Whatever the cause, Shibarmy is pleased with the recent rally.
At the same time, it is important not to read too much into the rise of the Shiba Inu. The Shiba Inu is a very volatile coin,’meme coin’ with small base value despite the large and enthusiastic following. Some traders withdraw their savings at or near the top of the market and make millions of dollars. But others lose their life savings on Shiba and other meme coins after the crypto market started plunging earlier this year.
At least some in the Shibarmy Reddit community have warned traders that the coin remains a risky bet despite its current bull run.
“I don’t know what’s going on [right now,] but it seems to be a pump and dumping,” wrote one Reddit user, saying that the value of SHIB can drop rapidly as it goes up. “A day like today presents great sales opportunities to so many people.”
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